US corn production advances soybean production declines from October

by Ron Sterk
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The USDA forecast the corn carryover of Sept. 1, 2018, at 2,487 million bus.
WASHINGTON — The US Dept. of Agriculture in its Nov. 9 Crop Production report forecast 2017 US production of corn at 14,578 million bushels, up 298 million bushels, or 2 percent, from 14,280 million bushels forecast in October but down 570 million bushels, or 4 percent, from record outturn of 15,148 million bushels in 2016.

Soybean production was forecast at a record 4,425 million bushels, down just 6 million bushels from 4,431 million bushels in October but up 129 million bushels, or 3 percent, from 4,296 million bushels last year.

Based on Nov. 1 conditions, average corn yield in 2017 was forecast at a record 175.4 bushels an acre, up 3.6 bushels from October and up 0.8 bushels from 174.6 bushels an acre in 2016, the previous record. Harvested area of corn was forecast at 83.1 million acres, unchanged from October and down 4 percent from last year. If realized, corn production will be the second highest on record.

The USDA forecast soybean carryover on Sept. 1, 2018, at 425 million bus.
The average soybean yield was forecast at 49.5 bushels an acre based on Nov. 1 conditions, unchanged from October and down 2.5 bushels from 2016. Harvested area was forecast at a record 89.5 million acres, unchanged from October and up 8 percent from 2016.

The USDA production and yield estimates all were above average trade expectations of 14,323 million bushels and 172.3 bushels an acre for corn and 4,404 million bushels and 49.2 bushels an acre for soybeans, respectively.

Corn and soybean futures traded moderately lower after the report.

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